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Electric Ships Market Share

Report ID: GMI4640
Published Date: Aug 2024
Report Format: PDF

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Electric Ships Market Share

Hyundai Heavy Industries (HHI) and China State Shipbuilding Corporation (CSSC) holds a significant share of over 30% in the market. Companies like Hyundai Heavy Industries (HHI) and Samsung Heavy Industries, both based in South Korea, leverage their vast experience in shipbuilding and cutting-edge technology to develop advanced electric and hybrid vessels. These firms are heavily investing in research and development to enhance battery technology, energy efficiency, and alternative propulsion systems. Their extensive global networks and established market presence enable them to cater to a wide range of maritime needs, from commercial shipping to specialized vessels.

European and Asian firms like China State Shipbuilding Corporation (CSSC), Fincantieri, and Imabari Shipbuilding are also making significant strides in this market. CSSC, for instance, benefits from strong governmental support and China's focus on reducing emissions, while Fincantieri leverages its expertise in high-end cruise and naval shipbuilding to integrate sustainable technologies.

Electric Ships Market Companies

Major players operating in the electric ships industry are:

Hyundai Heavy Industries (HHI)
China State Shipbuilding Corporation (CSSC)
Fincantieri
Samsung Heavy Industries
Imabari Shipbuilding
BMT Group
Damen Shipyards Group

Authors: Suraj Gujar, Sandeep Ugale

Frequently Asked Questions (FAQ) :

The market size of electric ships reached USD 4.02 billion in 2023 and is set to register over 24.6% CAGR between 2024 and 2032, led by environmental concerns and stringent regulations.

The hybrid electric ships industry accounted for over 57% share in 2023, attributed to the flexibility and practicality.

Europe market held over 37% share in 2023, owing to the regions strong commitment to environmental sustainability and stringent regulatory frameworks.

Hyundai Heavy Industries (HHI), China State Shipbuilding Corporation (CSSC), Fincantieri, Samsung Heavy Industries, Imabari Shipbuilding, BMT Group, and Damen Shipyards Group among others.